Renaissance Energy Ltd. annual report, 1992

Renaissance Energy is a Calgary-based oil and gas company whose operations are conducted exclusively on the Alberta plains. Participation in working prospects is either by direct acquisition of petroleum and natural gas leases or by farm-in arrangements whereby an interest is earned by exploration expenditures. Renaissance also purchases producing, non-producing, and exploratory properties in Alberta. In 1992, the company produced 9,479,000 bbl of oil and 77.7 billion ft3 of natural gas. Proven and probable reserves totalled 119.2 million bbl oil and 961.3 billion ft3 of gas. Of the 739 wells drilled in 1992, 265 were dry, 317 were oil wells, and 157 were gas wells. Gross revenues were $266.1 million and net income was $24.6 million. Net undeveloped land holdings totalled 2,159,000 acres. Future exploration efforts will be directed to natural gas; of the 850 wells planned to be drilled in 1993, 500 will be natural gas prospects. Corporate and operating information for 1992 are presented along with consolidated financial statements. 29 figs., 36 tabs